anti-money laundering – LendIt News – Daily Fintech Industry Newshttps://news.lendit.com
Lending and Fintech NewsWed, 20 Mar 2019 19:04:46 +0000en-UShourly1https://wordpress.org/?v=4.9.10https://news.lendit.com/wp-content/uploads/cropped-Favicon_32X32_Fintech_v002-012-32x32.pnganti-money laundering – LendIt News – Daily Fintech Industry Newshttps://news.lendit.com
3232European Banking Authority Calls for Unified Crypto Ruleshttps://news.lendit.com/2019/01/09/european-banking-authority-calls-for-unified-crypto-rules/
https://news.lendit.com/2019/01/09/european-banking-authority-calls-for-unified-crypto-rules/#respondWed, 09 Jan 2019 18:59:07 +0000https://news.lendit.com/?p=15723The results of a year long study by the European Banking Authority shows that the current regulatory environment for crypto assets can be exploited; the 3 key areas they highlight are consumer protection, operational resilience and a level playing field; they believe the various approaches to regulation in the many member countries can encourage criminal behavior; money laundering is a key aspect of the report as it is believed to be the biggest issue with crypto assets; creating a unified set of rules will help to cut down on fraud and allow for the proper supervision of the market. Source.
]]>https://news.lendit.com/2019/01/09/european-banking-authority-calls-for-unified-crypto-rules/feed/0Regulators Encourage AI Testing to Combat Money Launderinghttps://news.lendit.com/2018/12/06/regulators-encourage-ai-testing-to-combat-money-laundering/
https://news.lendit.com/2018/12/06/regulators-encourage-ai-testing-to-combat-money-laundering/#respondThu, 06 Dec 2018 16:37:41 +0000https://news.lendit.com/?p=15557Regulators issued a joint statement this week saying financial firms should start using AI technologies to comply with the Bank Secrecy Act and combat money laundering; “This is a huge milestone, both in modernizing AML and more broadly in moving the financial world toward adoption of smarter and more efficient regtech,” said Jo Ann Barefoot, a consultant and former deputy comptroller of the currency, to American Banker; regulators did not address all concerns around AI like explainability and SAR filings but they did encourage testing to be done; the move can help advanced AI companies start providing U.S. firms solutions that they have thus far been hesitant to so due to regulators. Source.
]]>https://news.lendit.com/2018/12/06/regulators-encourage-ai-testing-to-combat-money-laundering/feed/0HSBC Partners with Google to Combat Money Launderinghttps://news.lendit.com/2018/12/03/hsbc-partners-with-google-to-combat-money-laundering/
https://news.lendit.com/2018/12/03/hsbc-partners-with-google-to-combat-money-laundering/#respondMon, 03 Dec 2018 17:31:44 +0000https://news.lendit.com/?p=15524HSBC has partnered with internet giant Google to develop a new cloud based system to combat money laundering; the system will live on Google cloud and use machine learning to look at transaction activity of the bank’s more than 38 million customers; the bank plans to roll out the system in 2019, throughout development they worked closely with regulators to give them a greater understanding as to what the new system will do; they plan to use the system across all markets so they can attack money laundering in a consistent way; HSBC has had issues related to money laundering in recent years and was forced to pay big fines. Source.
]]>https://news.lendit.com/2018/12/03/hsbc-partners-with-google-to-combat-money-laundering/feed/0Deutsche Bank Must Improve Money Laundering Practiceshttps://news.lendit.com/2018/09/24/deutsche-bank-must-improve-money-laundering-practices/
https://news.lendit.com/2018/09/24/deutsche-bank-must-improve-money-laundering-practices/#respondMon, 24 Sep 2018 17:25:40 +0000https://news.lendit.com/?p=15019This is the first time that BaFin has had to order a bank to make changes related to money laundering; the bank was fined last year for allowing money laundering and agreed with the financial watchdog that they needed to improve processes; KPMG was appointed to assess their progress over the next three years. Source
]]>https://news.lendit.com/2018/09/24/deutsche-bank-must-improve-money-laundering-practices/feed/0Swiss Regulator Suggests Loosening Rules for Fintechshttps://news.lendit.com/2018/08/28/swiss-regulator-suggests-loosening-rules-for-fintechs/
https://news.lendit.com/2018/08/28/swiss-regulator-suggests-loosening-rules-for-fintechs/#respondTue, 28 Aug 2018 19:08:21 +0000http://news.lendit.com/?p=14885FINMA plans to relax rules related to anti-money laundering for smaller fintech companies that produce less than $1.5 million in revenue per year; the goal is to boost innovation and is part of their fintech licensing category unveiled in June; the regulator provided this prepared statement: “As a rule, all financial institutions are subject to similar due-diligence requirements relating to combating money laundering. However, as most fintech license applicants are likely to be smaller institutions, FINMA proposes to introduce some organizational relaxations for such institutions.” Source
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